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Financial Institutions
Khalid Howladar
Senior Credit Officer
Khalid.Howladar@moodys.com

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David Staples
Managing Director
David.Staples@moodys.com

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Islamic Finance

Islamic Finance seeks to encourage 'ethical' investing that conforms with the principles of the Islamic faith. Such principles form part of ‘Shari’ah’, which is often understood to be ‘Islamic Law’, but it is actually broader than this in that it also encompasses the general body of spiritual and moral obligations and duties in Islam. The most major difference from conventional finance is that trading in ‘indebtedness’ is prohibited and money should be earned, so the issuance of conventional bonds would not be compliant as they are usually traded and represent [usurious] interest based debts. It is worth noting that equity financing of an 'ethical' business is Shari’ah compliant and fits well with the risk/return precepts of Islam.

Highlights

  • 30 Jan 2012
    • Saudi Arabia's sovereign-backed sukuk offering is credit positive for local Islamic banks
      The Saudi General Authority of Civil Aviation's has successfully closed a SAR15 billion ($4 billion) sukuk offering guaranteed by the Saudi Arabian Ministry of Finance. Given the scarcity in recent years of Saudi government debt issuance, particularly compliant instruments, this transaction is credit positive for local Islamic financial institutions… Full Report
  • 24 Oct 2011

    • New IFSB liquidity guidelines are credit positive for Islamic banks

      On 12 October, the Islamic Financial Services Board issued a set of principles for liquidity risk management, which we consider credit-positive for Islamic financial institutions, as the principles translate a set of globally recognized best practices for liquidity management into a Shari’ah-compliant banking context... Full Report

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